Benchmark Cuts Price Target on Clear Channel Outdoor (CCO) Q3 Visibility Remains Low
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Price: $1.44 --0%
Rating Summary:
4 Buy, 5 Hold, 2 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 10 | Down: 11 | New: 6
Rating Summary:
4 Buy, 5 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 11 | New: 6
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Benchmark is maintaining its Hold rating on shares of Clear Channel Outdoor (NYSE: CCO) and is lowering its price target by $2 to $14 following the company's Q2 results.
The company released its Q2 results with 13 percent total revenue growth with 5 percent growth in Americas and 19 percent growth internationally. The firm notes that total growth was only 6 percent after excluding foreign exchange.
CCO increased its total digital displays to 711 across 37 markets as it added 53 additional displays in the second quarter. The firm anticipates that CCO will have 775 digital billboards by year end.
The firm is increasing its FY11 revenue growth outlook from 6.5 percent to 8 percent and its OIBDAN estimate from $743 million to $766 million.
An analyst at the firm comments, "Management cited limited visibility heading into Q3, with growth slowing modestly in the Americas and more meaningfully in Europe. Americas revenue was pacing up 3 percent year-over-year, while International revenue was pacing up just 2 percent year-over-year in local currency."
For more ratings news on Cooper Companies click here and for the rating history of Cooper Companies click here.
Shares of Cooper Companies closed at $11.14 yesterday.
The company released its Q2 results with 13 percent total revenue growth with 5 percent growth in Americas and 19 percent growth internationally. The firm notes that total growth was only 6 percent after excluding foreign exchange.
CCO increased its total digital displays to 711 across 37 markets as it added 53 additional displays in the second quarter. The firm anticipates that CCO will have 775 digital billboards by year end.
The firm is increasing its FY11 revenue growth outlook from 6.5 percent to 8 percent and its OIBDAN estimate from $743 million to $766 million.
An analyst at the firm comments, "Management cited limited visibility heading into Q3, with growth slowing modestly in the Americas and more meaningfully in Europe. Americas revenue was pacing up 3 percent year-over-year, while International revenue was pacing up just 2 percent year-over-year in local currency."
For more ratings news on Cooper Companies click here and for the rating history of Cooper Companies click here.
Shares of Cooper Companies closed at $11.14 yesterday.
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